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    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/50814


    Title: 個案研究-華碩切割和碩
    Case studty: Asus Divested Pegatron
    Authors: 伍建興
    Contributors: 周行一
    伍建興
    Keywords: 華碩
    和碩
    水平切割
    股權結構
    Date: 2010
    Issue Date: 2011-09-29 16:47:39 (UTC+8)
    Abstract: 2009年12月11日，華碩宣告將透過資產分割方式來完成了股東們一致期盼的品牌、代工分家切割，但在宣告後華碩股價反而重挫，並引起市場上一陣恐慌。本論文透過個案研究方式，歸納出華碩未採取權益分割的方式而選擇資產分割的主要原因為：資產分割可帶來最快速且獨立性的分割，達成公司對外宣稱的策略目標-品牌代工完全分離。但資產分割所衍生的流動性問題，為造成市場恐慌的主要因素。
    股東結構的組成將影響宣告分割的效果及市場反應，華碩擁有35%以上的外資股東，但外資股東在內規中無法持有未上市股票，所以外資股東在資產分割中所面臨的流動性問題，在短期內對股價是負面反應。
    最後華碩、和碩進行分割後並未如管理階層所述創造超額報酬，本文推測主要原因為產業發生變化，使華碩、和碩失去垂直整合好處。
    Reference: 中文文獻
    1. 黃郁卿,2004,企業分割策略效益-以閎暉公司為個案探討
    2. 康美雪,2009,國內上市櫃公司從事企業分割之探討
    英文文獻
    1. Allen J.W. and John J.M.,1998, “Equity Carve-Outs and Managerial Discretion”, The Journal of Finance, no. 1 Feb, Pages 163-185
    2. Berkovitch E.,1993, “Motives for Takeovers: An Empirical Investigation”, Journal of Financial and Quantitative Analysis, Vol. 28, Pages 347-362
    3. Block S.,2009, “Does the Corporate Spin-offs Maximize Value for Stockholders?”, Corporate Finance Review, Vol. 13, Pages 6-14
    4. Fluck Z. and Anthony L.., 1999, “Why Do Firms Merge and Then Divest? A Theory of Financial Synergy”, The Journal of Business, Vol. 72, No. 3, July, Pages 319-346
    5. Hanousek J., Evzen K. and Jan S., 2009, “Divestitures, Privatization and Corporate Performance in Emerging Markests”, Economics of Transition, Vol. 17, Issue 1, Pages 43-73
    6. Hite G. and James O.,1983, “Security Price Reactions Around Corporate Spin-off Announcements”, Journal of Economics and Finance, Vol. 12, Issue 4, Pages 409-436
    7. Johnson S. and Daniel K.,1996, “The Effects of Spin-offs on Corporate Investment and Performance”, Journal of Financial Research, Vol. 19, Pages 293-307
    8. Klein A., James R. and William B.,1991, “The Two Stages of an Equity Carve-out and The Price Response of Parent and Subsidiary Stock”, Managerial and Decision Economics, Vol. 12, Issue 6, Pages 449-460
    9. Matsusake J. and Vikram N.,1995, “Internal Capital Markets and Corporate Refocusing”, Journal of Financial Intermediation, Vol. 11, Issue 2, Pages 176-211
    10. Porter M.E., 1991, “Towards a Dynamic Theory of Strategy”, Strategic Management Journal, 12(1), p.95-117
    11. Slade M., 1998, “Bear and the Tie: Did Divestiture of Brewer-owned Public Houses Lead to Higher Beer Price?”, Economic Journal, Pages 565-602
    12. Wei H., Tarun M. and Peiwang W.,(2009), “Agency Problems in Tracking Stock and Minority Carve-out Decision: Explaining the Discrepancy in Short- and Long-term Performances”, Journal of Economics and Finance, Vol. 33, Pages 27-42
    13. Yin R.K., 1994. Case study research: Design and methods, 2nd edition.
    Description: 碩士
    國立政治大學
    財務管理研究所
    97357011
    99
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0097357011
    Data Type: thesis
    Appears in Collections:[Department of Finance] Theses

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